(Alexandria, VA) – Alexandria’s fourth-quarter 2003 Local Economic Indicators Report (LEIRs), a statistical measure of the economic health of the City, shows an economy that seems to have improved considerably in most respects since the recession of 2001.

A detailed report is available online at www.alexecon.org/leirs.html.

Alexandria and Virginia unemployment rates have dropped to pre-September 11th levels, the lowest since first and third quarter 2001, respectively. The national rate also continues to decline, though at a slower rate.

The prime interest rate remains 4% in the fourth quarter, the lowest it has been since 1958.

Office vacancies are down to 10.32%, the lowest since fourth quarter 2001.

Industrial vacancy rates are the lowest since second quarter 2001.

After a brief decline in first quarter 2003, residential rental rates continue to steadily increase, and are the highest they have ever been.

Metro ridership statistics held fairly steady, though King Street was down slightly.

The overall assessed value of real property in the City of Alexandria increased 18.4 percent from $19.23 billion in calendar year 2003 to $22.76 billion in 2004. Approximately 16.4 percent of this $3.53 billion increase is the result of new construction.

The overall value of the City's commercial real property tax base increased 19.2 percent to $8.76 billion. Of that figure, 69.1 percent comes from the appreciation of existing commercial property and 30.9 percent comes from the construction of new commercial property.

AEDP has compiled economic statistics on behalf of the City since the partnership’s inception in 1981. This report is prepared as a service to the business community to provide information on the health of the City’s economy for new, relocating and expanding businesses. Additional copies of the complete report may be obtained from the AEDP offices at (703) 739-3820 or at http://www.alexecon.org/leirs.html.

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For Immediate Release-

Contact: Eric Dobson
703-739-3820 xt. 14

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